It would be terrible if this technicality screwed up an eviction down the line.

Just Do It" is excellent advice if you're buying a pair of tennis shoes, but terrible advice if you're starting a business (and operating rental properties IS a business).

Insurance is also a killer here too, since the terrible hurricane season from a couple of years ago.

This example would be a TERRIBLE deal.

Call me please you'll send out 6 offers within a week and do it with confidence...If you want to run an ad it's not a terrible idea but I would't spend a lo of money on it.

This property is a TERRIBLE DEAL as a rental and you will almost certainly lose a lot of money on it.

He's put together what he needs for the initial costs (architect, zoning, etc.) but is having a terrible time getting what he needs for the actual development.Where does one go for this type of financing?

in everyone i've talked to and in everything i've read, which isn't too terribly much, i've yet to hear of a bank beginning the offer process.

That simply proves the lenders aren't terribly concerned about looking for properties changing hands.

You're getting a terrible deal in terms of financing.That said, at $135k... if you can achieve $3,000 a month, you got a great deal unless the property taxes are an absolute killer.For rent... figure 50% in expenses (including insurance, property tax, and property management).@ 3,000/mo * 50% = $1,500/mo * 12 mo/yr = $18,000 NOIFrom that, subtract your "mortgage payment" to get your cash flow for the year.Divide your cash flow by your investment ($100k) to get your Cash on Cash return.To me, that's one of the most important numbers to optimize as I am looking to maximize the return on my resources.